Marketing 1. An Overview of Marketing. WHAT IS…?. MARKETING. MARKETING. Sine Qua Non of Business “ Without This Nothing ”. MARKETING. Meeting customer needs Exchange: Quid pro Quo (This for That) Creating, Promoting & Delivering: Goods & Services. Where can marketing be used?.
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Marketing 1 An Overview of Marketing
WHAT IS…? MARKETING
MARKETING • Sine Qua Non of Business “Without This Nothing”
MARKETING • Meeting customer needs • Exchange: Quid pro Quo (This for That) • Creating, Promoting & Delivering: • Goods & Services
Where can marketing be used? • Traditional Businesses • Not-For-Profit Companies • Institutions • Social Organizations • Social Causes and Ideas • Politics • Sports and Entertainment
Markets • All actual and potential customers • Can’t be all things to all people, so break up total market into segments • Each segment is comprised of people who are grouped by their similarity along some dimensions
0 Marketing • Defining marketing • Marketing mix • Management philosophies • Requirements for successful marketing • Market place orientations 1.1
0 What Is Marketing? A set of processes for creating, communicating and delivering value to customers, with the intention of building long term relationships that will benefit the organization and its stakeholders. 1.3
0 Exchange Process BUYER SELLER 1.2
MARKETING MIXDecisions that must be made. The “ingredients.” • PRODUCT • PROMOTION • PLACE • PRICE • KEY: Devise a mix that satisfies customers and generates a profit for the firm. 1.4
MARKETING PHILOSOPHIES PRODUCTION ORIENTATION • Focus on internal capabilities of the firm rather than on the marketplace • SALES ORIENTATION • Aggressive sales techniques used to drive profits 1.5
The Marketing Concept • The social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. • The value as perceived by the customer!
MARKET ORIENTATION • EMPLOYING THE MARKETING CONCEPT • Customer needs/wants orientation • Aimed at generating customer satisfaction • Satisfying organizational goals • STRATEGIC MARKETING MANAGEMENT • Gather information about customers, competitors, and markets • Selection of target markets • Development of marketing mix 1.6
SOCIETAL MARKETING ORIENTATION • Satisfy customer wants/needs • Organizational goals • And preserve or enhance society’s long term best interest 1.7
Value • Value is what the customer thinks it is. • Customer Value = Benefits Costs 1.8
Customer Satisfaction Satisfaction = Experience - Expectation
Long-Term Relationships • Repeat Sales • Referrals • Lower Costs • Customer Retention vs. Customer Acquisition • Increased Sales • Premium Price (slight)
Successful relationship marketing requires • Customer Oriented Personnel • Good Training • Empowerment • Teamwork 1.10
Importance of marketing in society • Importance to Business • Career Opportunities • Affects Daily Life • To You 1.11